Negotiating with creditors

One of the greatest fears of directors is how creditors will respond to the news that they will not be paid on time, if at all. Big organisations often have seemingly inflexible policies while smaller creditors can react emotionally to the situation.

However, it may be that a company can be saved and creditors eventually paid in full if it is possible to buy some time. This is where having an insolvency practitioner involved as early as possible can be invaluable. We can guide you through the realities calmly and dispassionately. If necessary we can deal with your creditors directly taking the heat off you and creditors in turn can be reassured that the distressed business is receiving proper advice.

How can McTear Williams & Wood help?

Acting as intermediary, either advising you in the background or dealing directly with creditors and spelling out the situation in legal and commercial terms

Often the biggest consideration is negotiating with HMRC on time to pay, requests for security deposits or if you have received an Accelerated Payment Notice (APN)

Setting up consignment stock arrangements

Negotiating retention of title claims

Advising on taking security over assets of the business

Explaining the nuances of any formal insolvency procedure, such as CVA proposals

Above all McTear Williams & Wood can introduce some certainty into a fraught situation. Whilst this might be your first time dealing with a company as a director we have faced similar circumstances many times over on behalf of our clients and we know exactly what to do for the best. Find out how we can best act for you.